ASX: DYM - Dynamic Metals
Dynamic Metals: Dynamic snatches 2nd fluorspar project … what’s going on?
Dynamic Metals Managing Director Karen Wellman on 3AW, 2GB & 6PR Bulls N' Bears Report
ASX-listed Dynamic Metals Managing Director Karen Wellman walks Matt Birney through the company’s “fluorspar strategy” on Bulls N’ Bears that will see Dynamic enter the critical minerals space with a product that has an army of lucrative industrial uses.
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Dynamic Metals cut its teeth chasing gold and nickel around Widgiemooltha in WA’s Goldfields, but has been quietly planting a flag in a mineral most punters have never heard of – fluorspar. Dynamic already holds the Meentheena fluorspar project in WA’s Pilbara, one of only a handful of fluorite deposits in the country – and it is now earning into a fluorspar project in north Queensland littered with old-timer workings – and the early grades are turning heads.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by critical minerals and gold explorer Dynamic Metals.
Matt Birney - ASX code: DYM
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Dynamic Metals, Karen Wellman.
Matt Birney - Hi Karen.
Karen Wellman - Hi Matt.
Matt Birney - Okay, so Dynamic Metals cut its teeth chasing gold and nickel around Widgiemooltha in WA's Goldfields, but has been quietly planting a flag in a mineral that most punters have never heard of, called fluorspar. Dynamic already holds the Meentheena fluorspar project in WA's Pilbara, one of only a handful of fluorite deposits in the country, I might add, and it is now earning into a fluorspar project in North Queensland littered with old workings. And the early grades, I've got to say, are starting to turn some heads.
Matt Birney - All right, Karen, we'll get into that new project in a minute, but firstly, what are the key uses for fluorspar and what does it sell for?
Karen Wellman - Fluorspar is a mineral that is all around us that most people are not aware of. It's a key component of fluorine chemicals. So it's used for lithium-ion batteries, aluminium production, refrigerants, semiconductors. At the moment it sells for about $4 to $500 bucks a tonne.
Matt Birney - All right. Well, Dynamic has just picked up 25% of the North East Leases Fluorspar project in Queensland and you've got the right to move to 70%. What signs of fluorspar does this project have?
Karen Wellman - Yeah, this is an exciting project for us because we know that fluorite exists from these historic workings and these samples that we've got, where we've had grades of up to 98.8% calcium fluorite equivalent. So it means our job is to prove that it's the continuity and scale of the project rather than make the initial discovery.
Matt Birney - I can tell you what a good gold or a nickel grade is, but maybe not fluorspar. What's considered to be good?
Karen Wellman - Yeah, in this world, 97% is what we call acid spar, and that's the grade we want for making hydrofluoric acid. That's the good stuff.
Matt Birney - So what's the strategy here? Because I know you've also got a fluorspar project in WA, you're typically chasing gold and nickel, but you've now got a second fluorspar project. Is this part of a wider push for fluorspar?
Karen Wellman - Yeah, over time, we've become increasingly focused on critical minerals and understanding downstream supply chains, and that's really attracted us into this fluorspar space. The plan is, we've got our foot on two projects now, so we'll look at potentially some project scale partnerships in the fluorite space because there is a lot of downstream suppliers which are interested in it.
Matt Birney - What do you pay for this Queensland project?
Karen Wellman - So, all up, we will pay $400,000 for 25% initially, and then we will spend $2.5 million on exploration to earn up to 70%. So what's really important here is that the money is going into the ground, into exploration, rather than into the vendor's pockets.
Matt Birney - Are there any other minerals on this project or is it all about fluorspar?
Karen Wellman - No, it's plenty of other minerals. We've got tungsten, tin, molybdenum, copper, gold, lead, beryl. Yeah, plenty of other things in this mineral system.
Matt Birney - Karen Wellman from Dynamic Metals.
Matt Birney - Thanks for joining me on Bulls N' Bears.
Matt Birney - And remember, we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney, and this is Bulls N' Bears.
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